Taiwan’s bulker specialist Hsin Chien Marine has been a victim of the incredibly volatile markets.
After four weeks, and just as many attempts of selling its Imabari-built, 76,000-dwt New Agility, the panamax is said to finally have found new owners.
“That ship is a joke, fixed and failed 3 or 4 times,” said one broker, amused by the sale.
In late September the ship was sold to South Korea’s Pan Ocean, but this sale attempt failed due to financial hiccups on the buyer side, say sources.
A Hsin Chien representative then explained to Splash that the reported sale was wrong. This sale failed at $6.8m.
Shortly after a deal was again reported at $6.3m, this time to a European owner, said to a be Greek.
This sale also failed, with senior management in Taipei denying the sale to Splash.
Last week the bulker was sold again, twice this time, for half a million less. The first time was in the beginning of the week. This time the ship went to an Indonesian owner for $5.7m, according to several sources. On Friday it was reported it had failed again, with the final sale now believed to be to Indian buyers.
Sources say the large price decrease of $ 1.1m is because asset values are deprecating fast as the chartering market is weakening. Another source says the drop is down to the sudden vast number of panamaxes that have been put up for sale.
One well-placed broker operating in Asia disagrees with the fall in price. He claims the vessel was sold for over $6m not $5.7m as widely reported.
Hsin Chien is one of Taiwan’s key bulker owners. The shy owner has close ties with Japan’s NS United and was established in 1978.
The company fleet list comprises close to 30 ships ranging in size from smaller general cargo ships to capesizes. The outfit also has a string of bulkers on order.